Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this9:07 pm
May 20, 2016
Offline
I selected the option to deposit my non-redeemable GIC with HSBC to my savings account. However, I'd like to pull the funds from HSBC to Tangerine.
If for instance January 3, 2024 is the maturity date, does that mean the funds including interest will be deposited on January 3 or January 4, 2023 to my HSBC regular account?
9:17 pm
October 30, 2023
Offline
Hmm said
I selected the option to deposit my non-redeemable GIC with HSBC to my savings account. However, I'd like to pull the funds from HSBC to Tangerine.If for instance January 3, 2024 is the maturity date, does that mean the funds including interest will be deposited on January 3 or January 4, 2023 to my HSBC regular account?
That’s what usually happens. Verify your maturity date online. Sometimes they might be a year and 1 or 2 days more. Most of mine would be in my account on day of maturity.
Sometimes I borrow from myself to get a better rate or to slot into the correct quarter of the year.
You should be able to move it right away as there should be no hold on those funds.
1:57 pm
May 20, 2016
Offline
serendipity said
That’s what usually happens. Verify your maturity date online. Sometimes they might be a year and 1 or 2 days more. Most of mine would be in my account on day of maturity.
Sometimes I borrow from myself to get a better rate or to slot into the correct quarter of the year.
You should be able to move it right away as there should be no hold on those funds.
Thanks for the reply. Based on your experience and using my example, are you saying that the funds will be in your account (including interest) on January 3?
I don't want the automatic withdrawal to bounce due to insufficient funds should I withdraw on the date of maturity if the funds aren't deposited, especially if the following day falls on a weekend or STAT.
2:44 pm
October 30, 2023
Offline
Yes, but I never assume. I, personally, will only transfer if I see the desired funds in my account and there is no hold on funds.
One good thing about Oaken ( I know, not your choice ) they will give you a GIC based on a “Transfer in” that has not been completed. But of course the transfer was verified by me as good money that is moveable.
4:01 pm
May 20, 2016
Offline
Thanks for the clarification, I appreciate it.
I tend to have issues with virtual banks these days because I have credit/fraud alerts on my profile. Many times they want me to send my ID through unencrypted means such as snail mail. I'd rather go to the branch and have them verify my identity.
Then of course, you have HSBC which takes this to a new level where they want me to visit a branch (most of the time they speak poor English) even to change my debit card pin.
Please write your comments in the forum.